empty
01.02.2024 03:28 PM
Trading Signals for BITCOIN (BTC/USD) on February 1-3, 2024: sell below $42,800 (21 SMA - 200 EMA)

This image is no longer relevant

Early in the American session, Bitcoin is trading around 42,120, below the 200 EMA, and below 3/8 Murray with a strong technical correction. On the H4 chart, we can see that Bitcoin tried to break the 4/8 Murray zone on more than four occasions, which has now become strong resistance.

Given that Bitcoin failed to consolidate above 43,750, it consequently made a strong technical correction. The token is expected to continue its decline in the coming days so that it may reach 2/8 Murray around the psychological level of $40,000.

The technical chart shows that Bitcoin is under extreme pressure. Besides, the eagle indicator is showing a bearish signal because the instrument reached the strong overbought zone on January 31. Bitcoin is expected to extend its weakness in the coming days. Its price could reach the low of January 23 at about 38,750.

On the other hand, if BTC consolidates above 42,250, we could expect a small recovery but the price should face the next dynamic resistance around the 21 SMA located at 42,800.

If Bitcoin consolidates above $43,000, the bullish cycle will likely resume. Therefore, the token could gain momentum, break 43,750 and finally, could reach the psychological level of $45,000.

Our trading plan for the next few hours is to sell Bitcoin in case it tries to break 42,800 or below 43,000. Below this area, there is strong bearish pressure and BTC is likely to reach $40,000 in the next few days. Above 43,750 we should avoid selling as Bitcoin could gain strong momentum and we should accept our losses.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 24/03/2025: EUR/USD, GBP/USD, USD/JPY, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 14:34 2025-03-24 UTC+2

Weekly Technical Analysis for March 24–29: GBP/USD Currency Pair

Last week, the pair moved downward and tested the 14.6% retracement level at 1.2879 (red dashed line), closing the weekly candle at 1.2915. In the upcoming week, the price

Stefan Doll 13:24 2025-03-24 UTC+2

Weekly Technical Analysis for March 24–29: EUR/USD Currency Pair

Last week, the pair moved downward and tested the historical resistance level of 1.0948 (light blue dashed line), after which the price declined and closed the weekly candle at 1.0815

Stefan Doll 13:22 2025-03-24 UTC+2

EUR/USD. March 24th. A New Week – New Opportunities

On Friday, the EUR/USD pair rebounded from the 200.0% correction level at 1.0857 and fell to the support zone of 1.0781–1.0797. A rebound from this zone worked in favor

Samir Klishi 12:55 2025-03-24 UTC+2

GBP/USD. March 24th. The British Pound Starts the New Week at Full Speed

On the hourly chart, the GBP/USD pair continued its decline on Friday and even consolidated below the 1.2931 level. However, the drop was short-lived, as the bears on the pound

Samir Klishi 11:25 2025-03-24 UTC+2

EUR/USD and GBP/USD March 24 – Technical Analysis

Recently, the pair has been testing resistance levels from the weekly Ichimoku cloud (1.0946–1.0825) and monthly levels (1.0943–1.0856). Last week, sellers initiated a rejection and closed below these resistance zones

Evangelos Poulakis 07:55 2025-03-24 UTC+2

Technical Analysis of Intraday Price Movement of Natural Gas Commodity Instrument, Monday March 24, 2025

From what is seen on the 4-hour chart, the Natural Gas commodity instrument appears to be moving within the Bearish Pitchfork channel and this has also been confirmed

Arief Makmur 07:09 2025-03-24 UTC+2

Technical Analysis of Daily Price Movement of USD/IDR Exotic Currency Pairs, Monday March 24, 2025.

On the daily chart, the exotic currency pair USD/IDR appears to be moving in a Bullish Pitchfork channel, which is confirmed by the price movement of this exotic currency pair

Arief Makmur 07:09 2025-03-24 UTC+2

EUR/USD Forecast for March 24, 2025

Last Friday, EUR/USD pierced the 23.6% Fibonacci retracement level with a lower shadow and then sharply reversed to the upside, continuing to rise into Monday morning. The Marlin oscillator appears

Laurie Bailey 04:20 2025-03-24 UTC+2

GBP/USD Forecast for March 24, 2025

By Monday morning, the British pound had turned upward without reaching the target range of 1.2816/47, and the Marlin oscillator had also reversed to the upside without reaching the boundary

Laurie Bailey 04:20 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.